Stereotaxis (NYSE:STXS) shares took a hit today on fourth-quarter results that missed the consensus sales forecast.
Shares of STXS fell 6.9% to $2.42 apiece in midday trading today.MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ticked up 1.3%.
The St. Louis-based endovascular surgical robot maker posted losses of $4.5 million. That comes to 6¢ per share on sales of $7.3 million for the three months ended Dec. 31, 2022.
Stereotaxis recorded a 21.6% bottom-line slide deeper into the red on a sales decline of 11.4%. The company’s earnings per share topped estimations on Wall Street by 1¢. However, sales fell short of expectations as analysts forecast $8.5 million in revenue.
Chair and CEO David Fischel said in a news release that Stereotaxis is implementing a new product ecosystem. However, disruptions to that transition came from delays in system placements in 2022, despite growth in system orders. Fischel attributed the revenue drop to these disruptions.
However, Fischel said Stereotaxis expects the backlog and new system orders to drive growth in 2023. The company projects revenue increases in the double digits percentage-wise.
“This year is poised to be an important and exciting year for Stereotaxis, as we bring multiple strategic innovations to key regulatory and commercial milestones,” Fischel said. “This transition to a new product ecosystem is strategically transformational as it addresses structural inefficiencies, dependencies and limitations while setting us up for significant growth.”